The Dow Jones Industrial Average rose Friday ahead of a key gauge of consumer sentiment, which includes an inflation survey for future expectations. Galactic Virgo (SPCE) blew up after the company announced its first commercial spaceflight is set to launch in late June.
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On the economic front, the University of Michigan’s preliminary consumer sentiment survey is due out at 10 a.m. ET. Consumer confidence is expected to improve to 60.0 in June from 59.2 in May.
At the same time, one-year and five-year inflation expectations are included in the survey. One-year inflation expectations in May fell to 4.2% from 4.6% in April. Additionally, five-year expectations for May fell to 3.1% from 3.0% in April, according to the University of Michigan survey.
SPCE stock soared as much as 42% in early trading on Friday, but remains far from its 52-week high amid severe weakness over the past 23 months. The company said its first commercial spaceflight – “Galactic 01” – is scheduled to launch between June 27 and 30. A second flight will follow in early August and monthly spaceflights are expected.
On the profit side, the software giant Adobe (ADBE) easily beat Wall Street estimates for its second fiscal quarter. But it offered mixed guidance for the current period. ADBE stock jumped 5% in morning trading.
stock market today
VE Giant You’re here (TSLA) climbed 1.4% on Friday morning. Dow Jones tech giants Apple (AAPL) and Microsoft (MSFT) were lower after today’s stock market open.
Dexcom (DXCM), Floor and decor (NDF), Capital of Kinsale (KNSL) and Chipotle Mexican Grill (CMG) – as well as Dow Jones stocks Boeing (BA), JPMorgan Chase (JPM) and Selling power (CRM) – are among the best stocks to buy or watch in the uptrend of the stock market.
Tesla is an IBD Leaderboard stock, while Floor & Decor was a recent IBD Stock Of The Day. Dow Jones giant Boeing is an IBD SwingTrader stock.
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Dow Jones Today: Oil Price, Treasury Yields
After Friday’s opening bell, the Dow Jones Industrial Average rose 0.15%, while the S&P 500 gained 0.1%. The tech-heavy Nasdaq composite fell 0.1% in morning action. The stock market will be closed on Monday for the June 16 holiday.
Among U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust (QQQ) traded down 0.1%, while the SPDR S&P 500 ETF (SPY) rose 0.1% early Friday.
On Friday, the 10-year US Treasury yield rose to 3.76%, and is expected to end slightly lower for the week.
Oil prices continue to hold near recent lows – flat for the week despite Thursday’s gain. West Texas Intermediate futures fell slightly on Friday, trading just below $71 a barrel.
Market share
The Dow Jones Industrial Average rose 1.3%, or 428 points, to a new high in 2023. The S&P 500 climbed 1.2% and the Nasdaq composite followed with a gain of almost 1.2%. . Both extended winning streaks to six sessions and hit new highs in 2023. The small-cap Russell 2000 was up 0.8%.
Thursday’s Big Picture column commented: “With the Nasdaq at fresh 2023 highs, IBD’s recommended market exposure sits at 60%-80%. The composite still looks stretched, with the Invesco QQQ Trust ( QQQ) closing more than 11% above the 50-day moving average. This is above the 6% to 7% threshold that has signaled pullbacks for the Nasdaq 100 in the past.”
Now is an important time to read IBD’s The Big Picture column amid the ongoing uptrend in the stock market.
Five Best Dow Jones Stocks to Buy and Watch Now
Dow Jones stocks to buy and watch: Boeing, JPMorgan, Salesforce
Aerospace giant Dow Jones and IBD SwingTrader stock Boeing is trying to break above the buy point of 221.33 on a flat basis. BA stock rose 1% on Friday.
Dow Jones leader banking JPMorgan is just below a fixed base buy point of 143.37 after Thursday’s 1.1% rise. JPM stock fell slightly on Friday morning.
Salesforce has topped alternate entries at 193.91 and 200.00 in recent weeks, according to IBD rankings analysis. Over the past few weeks, stocks have reached the 20% profit zone from an entry of 178.94 cup with handle, and are now trying to bounce off support at the 10-week line, with two days consecutive wins. CRM stock rose 0.2% on Friday morning.
4 best growth stocks to buy and watch in the market Stock market rally
Best stocks to buy and watch: Dexcom, Floor & Decor, Kinsale, Chipotle
Dexcom broke above the buy point of 126.44 on a flat basis, with a 3.1% advance on Thursday, according to IBD MarketSmith Model Recognition. The 5% buy zone rises to 132.76. DXCM stock rose 1.5% on Friday.
IBD SwingTrader Floor & Decor stock decisively regained its 50-day line on last week’s gains, putting the flooring retailer in a new buy zone. FND stock is 4% off a conventional buy point at 101.39. Shares rose 0.4% early Friday.
Insurance leader Kinsale Capital closed above a buy point of 345.75 on Thursday amid a 1.75% advance in the session. The buy zone is up to 363.04. KNSL stock was up 1% on Friday morning.
Watchlist IBD Leaderboard Chipotle stock is trading tight after a big lead, creating another entry at 2,139.88. Meanwhile, the stock is also returning to its 10-week line. A decisive rebound from this level would also create a buying opportunity. CMG stock rose slightly on Friday morning.
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Best stocks to buy and watch during the stock market rally
These are the four best stocks to buy and watch in today’s stock market, including a leader in the Dow Jones.
| Company Name | Symbol | Correct point of purchase | Point of purchase type |
|---|---|---|---|
| ASML | (ASML) | 683.18 | Mug with handle |
| Selling power | (RCMP) | 200.00 | Consolidation |
| Cloudy | (NET) | 66.20 | Double bottom |
| Fortinet | (FTNT) | 69.07 | Flat bottom |
Source: IBD data as of June 15, 2023
Join IBD experts as they analyze the top stocks of the current stock market rally on IBD Live
Tesla Stock
IBD Leaderboard Tesla stock fell for a second day on Thursday, down 0.35%. This week, stocks hit new highs in 2023 and are still tilting for a fifth consecutive weekly advance. Stocks are extended well above the 207.79 buy point on a double bottom basis. They closed Thursday 19% off their 52-week high.
TSLA stock appeared to rebound from Thursday’s losses, rising 1.4% on Friday morning.
Dow Jones Leaders: Apple, Microsoft
Among Dow Jones stocks, Apple stock soared 1.1% on Thursday, hitting a new all-time high at 186.52. The stock continues to hold well above a buy point of 157.38. Early Friday, AAPL stock was down 0.5%.
Microsoft shares jumped 3.2% on Thursday, posting a sixth consecutive session and hitting a record high of 349.84. MSFT stock is trading just above the 20%-25% take profit zone from a fixed base buy point of 276.76, so investors are taking at least some profit . And on Friday morning, Microsoft shares were down 0.4%, reversing after hitting a new high.
Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen to learn more about growth stocks and the Dow Jones Industrial Average.
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